Up to four military companies to list on the EGX

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What We're Tracking Today

New Urban Communities Authority mulls EGP 150 bn sukuk program in 2025

Good morning, friends. We’re wrapping up the week with a busier than usual issue this morning. We’ve just about squeezed everything into the issue, so let’s jump right in.

PSA-

WEATHER- It's another mild day in Cairo today, with a high of 22°C and a low of 15°C, according to our favorite weather app.

It’s mostly sunny in Alexandria, with a high of 23°C, a low of 13°C, and light showers throughout the day.

And over the weekend, expect to see highs of 23°C in the capital and 22°C for our friends on the Mediterranean.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

#1- The cabinet has cleared a 2025 roadmap from the Investment Ministry to regulate the automotive market and promote investment in the sector, according to a cabinet statement. The plan aims to increase fair competition, balance prices, ensure the presence of approved service centers, and have cars in the local market conform to certain standards, according to the statement.

#2- Egypt to take over Jordan's LNG regasification unit lease? Energos Infrastructure’s floating storage and regasification unit currently docked in Jordan’s Aqaba port will set sail for Ain Sokhna in the middle of next year when Egypt takes over the lease, Asharq Business reports, citing unnamed sources with knowledge of the negotiations. The Egyptian Natural Gas Holding Company (EGAS) will reportedly lease the unit for a ten-year project.

The regasification unit may be leaving Jordan, but it looks like the country will still be able to make use of the vessel. EGAS signed an agreement earlier this week with Jordan’s National Electric Power Company that will see Jordan share the use of one of Egypt's LNG storage and regasification units over the next two years. The agreement will enable Jordan to ensure it can process incoming shipments ahead of its fixed Aqaba LNG terminal slated for completion in 2026.

#3- The New Urban Communities Authority is mulling a EGP 150 bn sukuk program in 2025, which would help fund the development of plots of land in the country’s new cities, informed sources told Al Borsa. The proposed issuance would be led by Banque Misr and the National Bank of Egypt and their investment arms, the sources add.

HAPPENING TODAY-

It’s the third and final day of Food Africa 2024, Africa’s largest food and beverage trade exhibition, at the Egypt International Exhibitions Center in New Cairo. The three-day event brings together 900 wholesalers, distributors, and retailers in food and beverage industries from 32 countries across the world.

HAPPENING ON THE WEEKEND-

Connect with top industry leaders, sharpen your skills in expert-led workshops, and celebrate the achievements shaping the future of finance at AFP Future of Finance. The conference will take place on Saturday, 7 December at Conrad Cairo Hotel and Casino. Register through Beacon.

HAPPENING NEXT WEEK-

United Bank’s shares are expected to debut on the EGX next week, with sources telling Al Borsa that shares could start trading on Tuesday. The Central Bank of Egypt-owned United Bank has already concluded its retail offering that closed on Tuesday being oversubscribed 59x and its private placement that was covered 6x.

Remember: The much-anticipated IPO saw the CBE-owned United Bank offer a 30% stake — equivalent to 330 mn shares — at a share price of EGP 13.85 each, with the offering expected to raise some EGP 4.6 bn. This is the second IPO to hit the EGX this year, following Act Financial’s debut in July, and marks another feather in the government’s privatization program cap.

THE BIG STORY ABROAD-

Government collapse and warnings of economic peril are once again leading the digital front pages this morning, with French lawmakers on both ends of the political spectrum uniting to oust Prime Minister Michel Barnier in a no confidence vote that left the three-month old administration as the shortest-lived in the history of France’s Fifth Republic.

The fallout from the budget battle has plunged France into uncertainty, with President Emmanuel Macron now under pressure to appoint a new premier while facing calls for his own resignation. France’s political turmoil hit just weeks after Germany’s Scholz coalition crumbled, throwing the EU’s top two economies into uncertainty and keeping financial markets on edge. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

The fatal shooting of UnitedHealthcare CEO Brian Thompson also ranks high on the press’ radar, as New York police label the incident a “targeted premeditated attack.” The killing, which occurred ahead of an investor event in Midtown Manhattan, has sent shockwaves through healthcare and business sectors. A manhunt is currently underway for the suspect. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

Also featuring prominently in the business papers is Trump’s decision to tap crypto advocate Paul Atkins to lead the US Securities and Exchange Commission, signaling a softer regulatory environment for financial markets. Atkins is expected to ease restrictions on digital assets, departing from outgoing chair Gary Gensler’s tougher approach towards Wall Street and crypto companies. (Wall Street Journal | Financial Times | Associated Press | New York Times)

IN BUSINESS NEWS- BTC topped USD 100k for the first time ever, a milestone anticipated ever since Trump’s election prompted a rally for the cryptocurrency. (CNBC)

Gov’t eyes listing up to four military companies on the EGX

It looks like privatization via IPO could become an increasingly important part of the government’s privatization push, with Prime Minister Mostafa Madbouly telling reporters that a plan to offer three to four companies affiliated with the military on the bourse, in his weekly presser yesterday.

We should know more next week with the release of the government’s privatization plan for the coming period, Madbouly said. The prime minister name-checked the banking, industry, and pharma manufacturing as among the sectors where companies earmarked for privatization will be announced.

It’s little coincidence — at least in our opinion — that the news follows United Bank’s heavily oversubscribed offerings that wrapped earlier this week. While direct stake sales have their advantages, the process can often be slow and prone to hurdles that derail negotiations — which can understandably make the prospect of an IPO tempting.

There certainly seems to be investor interest on the EGX for fresh offerings from the state, as the Central Bank of Egypt-owned United Bank saw its retail tranche oversubscribed 59x and its private placement covered 6x. The offerings raised EGP 4.57 bn and has signaled an important milestone in the government’s privatization programme.

Foreign investments are also in the works, with Madbouly saying that foreign companies — both new to the market and veterans — are getting ready to launch projects, including in the automotive and renewable energy industries. “Positive news” on these investments will continue to roll out once the agreements are finalized, Madbouly said.

The international press also picked up the story: Bloomberg.

Cabinet grants Scatec golden license for USD 600 mn, 1 GW solar project

Scatec’s Obelisk Solar was granted a golden license for a USD 600 mn solar project over a 16.3 sq km area in Nagaa Hammadi during a cabinet meeting yesterday. The project is set to produce 1 GW of power and have a 200 MWh battery storage system, with its output to be bought by the national grid.

The first 500 MW are set to go online in February 2026, with the remaining 500 MW to start feeding the grid starting August 2026.

The news clears up some confusion as to why Scatec’s project to power EgyptAlum seemed to abruptly double in size back in March. The Norwegian renewables player’s project to build a 1 GW solar plant to power EgyptAlum’s aluminum complex — also in Nagaa Hammadi — has been in the works since at least January and made official the month after, but a statement from Qena Governorate soon after seemed to contradict Scatec’s agreement with the Public Enterprises Ministry by doubling the capacity of the project.

It looks like the 2 GW, USD 1.1 bn project is actually two projects, split between a 1 GW solar plant for EgyptAlum and a second 1 GW project that will send its output to the Egyptian Electricity Transmission Company (EETC) — which is the one that just got a golden license.

In less confusing news, Scatec also inked a 900 MW power purchase agreement with the EETC, but it’s not clear if the 900 MW will be from an entirely new and unannounced project or a project already in the works.

The cabinet also greenlit land for solar and wind projects to power Scatec’s green ammonia venture in Damietta. Damietta Green Ammonia Company — a JV established by Scatec, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) — has been allocated land in the Gulf of Suez for wind projects and another plot on the west side of the Nile for a solar power project to power the USD 900 mn plant, under the agreement.

Piaggio, Ariston, Hitachi, Navigo, Iveco, Salcef eye Egypt investments

El Wazir goes to Italy: Transport and Industry Minister Kamel El Wazir has been in Italy this week to view the country’s high speed rail network and discuss transport and industrial investments and cooperation with a number of public and private sector representatives from Italy and elsewhere, according to a ministry statement.

#1- Scooter manufacturer Piaggio is mulling reopening its factory in Egypt, with the company citing the government’s focus on localising manufacturing and Egypt’s favorable investment climate as driving the company’s interest.

#2- Home appliances manufacturer Ariston is thinking about expanding its presence in the Egyptian market. The company already has three factories in Obour City over 220k sqm.

#3- Railway company Hitachi Rail — which recently acquired Thales ’ ground transportation unit — is looking to expand its footprint in Egypt, citing the country’s focus on developing its transportation infrastructure. Thales’ former unit is currently developing the first 19-km, 16-station phase of Cairo Metro Line 4 alongside Orascom Construction and Colas Rail.

#4- Luxury yacht manufacturer Navigo also highlighted its interest in investing in Egypt’s yacht industry, given the country’s prime tourism location and suitability for yacht manufacturing. El Wazir noted Egypt’s readiness to push local yacht production.

ICYMI- Navigo representatives previously agreed with the government to draft an MoU for future cooperation to boost yacht tourism in Egypt.

**Earlier this year, we ran a Hardhat on Egypt’s ambitious plans to become a global yacht hotspot.

#5- Industrial vehicles manufacturer Iveco is conducting a feasibility study to launch a new factory in Egypt for truck manufacturing. Iveco cited Egypt’s large consumer market and position as a gateway for exports as among the reasons for its interest.

#6- Railway and urban mobility company Salcef Group discussed establishing a new company in collaboration with Egyptian Railways for Track Renewal and Maintenance Company for the renewal of some 2k km of railway tracks and the provision of railway renewal machinery and equipment.

PLUS- Italian state-owned Italian State Railways discussed submitting an offer to manage and operate Egypt’s high-speed electric rail network with El Wazir, according to a separate statement. The talks come as Deutsche Bahn — initially tapped for the role in 2022 — has yet to submit a financial offer, violating the Transport Ministry’s regulations for awarding contracts, government sources tell Al Borsa. The ministry is reportedly planning to launch a public tender for the network’s management and operation soon, whether through public bidding or a direct award.

Nissan Egypt to invest USD 45 mn in new locally assembled model

Nissan Egypt will soon bring its third locally assembled model to Egypt, following an agreement inked with the government to invest USD 45 mn into manufacturing, according to a cabinet statement.

As expected, exports are part of the plan, with the company aiming to produce 10k units of the new model for the local market and export 7k units annually. Nissan Egypt Managing Director Mohamed Abdel Samad said the company aims to increase exports by 50% this fiscal year and noted that the automaker’s Egypt arm has already earned USD 150 mn in export revenues, according to a separate cabinet statement.

And so too is upping the ratio of local components used, with the project targeting at least 54% local components. Nissan has a good track record on this front, with its popular Sunny model having the highest local component ratio of any passenger car in the local market, according to Abdel Samad.

The company plans to pump USD 2 mn into increasing production capacity across all three of its locally produced models next year, with the company’s current production capacity of 25k units set to rise above 30k in 2025.

Our auto localization program is apparently paying off, with Nissan Africa head Jordi Vila noting that our Automotive Industry Development Program (AIDP) was a pivotal factor in Nissan’s decision to expand its local operations.

The Japanese automaker had already told us their plans to launch a new model earlier int year, as part of a USD 55.9 mn investment in the Egyptian market through 2026 that will also see the company establish a freezone, more renewables capacity, a water treatment plant, and a technical school.

IMF’s METAC to provide Egypt statistical, technical support to state institutions under freshly inked agreement

Egypt signed an agreement with the IMF’s Middle East Regional Technical Assistance Center (METAC) that will see the agency provide statistical and technical support to state institutions in banking, finance, and public administration, the government announced at Deloitte’s Egypt Tax Conference 2024 attended by EnterpriseAM.

While the agreement does not include any financial support, Finance Minister Ahmed Kouchouk noted in his remarks at the signing that the partnership is aligned with the government’s three main priorities, which include building a strong and reciprocal relationship with the private sector on tax and economic policy; promoting economic sustainability through a comprehensive view of key economic indicators, which will support tax administration; and launching initiatives that strengthen Egypt's ability to address social inclusion and climate change.

This isn’t our first collaboration with METAC: Kouchouk noted that METAC has been an integral part of Egypt’s tax and public finance reforms in the past, saying that the organization has been a “true and impactful partner” for the region.

New tax reforms on the way: The first phase of the government’s promised tax reforms is set to arrive before year’s end, Kouchouk said, while phase two will be introduced in the coming months. The government is also testing a pilot of its new central tax clearing system, with the platform set to be launched in early 2025.

A carbon tax is not on the horizon: Egypt does not plan to impose carbon tax for at least two years in order to avoid impacting the industrial sector, Deputy Finance Minister Ramy Youssef said. He added that Egypt’s tax administration will develop a mechanism to comply with regulations related to the EU’s Carbon Border Adjustment Mechanism when it comes into full effect — slated for 2026.

Tax unification could be on the cards: A study is also underway to unify taxes and fees on goods, allowing investors to pay all dues through a single entity.

AUC receives largest gift in its history from the Sawiris family

AUC receives over USD 30 mn gift from the Sawiris family: The American University in Cairo has received the largest philanthropic gift in its history — estimated to have a value of over USD 30 mn — from the Sawiris family, according to a press release (pdf).

In recognition of the gift, the institution has renamed its business school: AUC’s business school will from now on and in perpetuity be called the Onsi Sawiris School of Business in perpetuity to honor the “exceptional personal and professional legacy of the late Onsi Sawiris, a titan of business in the Middle East, founder of the Orascom Group and patriarch of the family.”

The parties involved: The gift was made possible by the NNS Foundation, the Naguib Sawiris Charitable Fund, Naguib Samih Sawiris, the Sawiris Foundation for Social Development, and Orascom Construction, according to the statement.

Where will the funds go? The funds will be allocated toward “scholarships, research, and a professorship in artificial intelligence/data science,” in addition to funding exchange programs with prominent US universities for students and faculty, including at the University of Chicago.

"By supporting AUC and exchange programs with top universities in the United States, we are brining exceptional students together to benefit from intellectually rigorous and truly global programs. Preparing future business leaders at AUC with the skills to adapt and be innovative is the best way to honor our father’s work ethic, values, and commitment to advancing Egypt,” Nassef Sawiris said in the statement.

"This gift is one of the many examples of impactful philanthropy from the Sawiris family. It reinforces AUC’s position as an institution that produces global-ready graduates with the career and life skills to make a positive difference in their communities and around the world," said Chairman of the AUC's Board of Trustees, Mark Turnage.

Beltone Mortgage Finance rakes in the awards to close out a busy 2024

Beltone Mortgage Finance wraps up 2024 with two global awards: Beltone Mortgage Finance, a subsidiary of Beltone Holding, has been named "Egypt’s Best Alternative Lender for Real Estate" by Euromoney Real Estate and "Most Innovative New Mortgage Finance Company – Egypt 2024" by International Finance Magazine.

What they said: “These awards reflect the strategic expansion and rapid growth of Beltone Mortgage across Egypt’s urban centers and key regions, including the North Coast and Upper Egypt. They also stand as a testament to the company’s exceptional performance in the mortgage finance sector, reinforcing its commitment to building sustainable relationships with clients by offering expert guidance on investment decisions that align with their cash flow and financial goals,” the statement said.

AND- Edtech-focused firm EdVentures — the VC arm of Nahdet Misr — has been recognized as Investor of the Year 2024 in Africa at the Global Startup Awards Africa (GSA). The firm topped 69 nominees to secure its place at the top of the 14 leading companies in the region, according to a press release (pdf).

China’s New Hope Group mulls USD 100 mn feed production complex. PLUS: FutureFert, Madinet Masr + Carrefour, Halliburton, Al Kbous Tea, Egyptian Swiss Group, Innovo, Ecaru

MANUFACTURING-

#1- China’s New Hope Group is exploring a USD 100 mn investment to establish a feed production complex in an industrial zone, according to a Local Development Ministry statement. The company, which has five factories in Egypt producing some 650k tons of feed annually, plans to expand production to 1 mn tons

#2- FutureFert is set to launch the first phase of its USD 40 mn fertilizer plant after receiving a golden license for the project from the cabinet, according to a statement. The fertilizer manufacturing arm of UAE-based Sharkia Group will begin operations of the project in the Gulf of Suez in January 2026. The company plans to export at least 70% of its production to global markets.

RETAIL-

Madinet Masr and Carrefour ink agreement to develop branch in Taj City: Real estate player Madinet Masr has signed an agreement with Carrefour franchiser Majid Al Futtaim to develop a branch of the supermarket chain in Taj City under a nine-year lease contract, according to a press release (pdf). The project is expected to cost some EGP 500 mn.

ALSO FROM MADINET MASR- Madinet Masr plans to develop two hotels in its Taj City project in New Cairo by 2025, the developer’s managing director Abdullah Sallam told Al Borsa. Construction work on the first hotel is set to begin by the end of next year, with studies underway to finalize capacity, Salam added. Madinet Masr also aims to invest EGP 20 bn in construction across its projects in 2025, according to Salam, doubling its EGP 10 bn spend on developments this year.

ENERGY-

#1- Companies operating in freezones and other economic zones will pay for natural gas in USD, according to a decision published in the Official Gazette. The decision stipulates that power stations must charge a rate of USD 4 per mn British thermal units, with businesses outside the freezones set to pay the equivalent amount in EGP based on the Central Bank of Egypt’s average exchange rate for the prior month.

#2- American oil giant Halliburton is working to bring three gas well online in 1H 2025, as part of the company’s Burullus project in the West Delta, an unnamed official told Al Arabiya. The project is set to add 150 mn cubic feet of natural gas per day to the company’s production.

INVESTMENT-

#1- Yemen’s Al Kbous Tea plans to invest c.USD 30 mn in Egypt over the next two years to boost production capacity and upgrade machinery, Amwal Al Ghad reports. The investment includes a USD 14 mn coffee factory, spanning 10k sqm, in Sixth of October City set to open in 2027.

#2- Egyptian pasta-maker Egyptian Swiss Group is planning to invest USD 10 mn to expand production capacity and global reach by 2026, targeting a 25% increase in output by 2025, General Manager Ahmed El Sebai told Hapi Journal. The company plans to add new production lines and enter West and South African markets.

INFRASTRUCTURE-

Innovo’s Egypt arm partnered with the Gabonese government to execute two infrastructure projects worth EUR 350 mn, Al Mal reports. The projects include a stormwater drainage system and wastewater treatment plant in Port-Gentil and road lighting on the Port-Gentil-Omboué highway.

WASTE MANAGEMENT-

Qalaa Holding’s waste management company Ecaru will close and rehabilitate the Qalabshu landfill in Dakahlia as part of the Kitchener Drain Project, under a EUR 10 mn agreement inked with the Local Development Ministry, according to a ministry statement.

AUTOMOTIVE-

The government has allocated land for Kasrawy Group and Alkan Auto subsidiary Egyptian International Motors to establish car assembly plants in Sixth of October City, unnamed government sources told Al Mal. Kasrawy announced plans to begin locally assembling Chinese Jetour and Jac car models in September, while EIM will be assembling a Kia sports sedan and SUV alongside BAIC car models at its new facility.

Global political unrest spreads volatility across stock markets

Global political unrest is sowing uncertainty across several stock markets and economies worldwide, Reuters reports, with South Korea’s president facing calls for impeachment and the French government voting to oust Prime Minister Michel Barnier, already influencing stocks, exchange rates, and investment decisions in the upcoming weeks.

Both stocks and currency in Korea took a hit after South Korean President Yoon Suk Yeol’s decision to declare and then reverse martial law sparked calls for resignation or impeachment. The Kospi Index dropped by 1.3% as a result, taking its year-to-date losses to over 7% and making it the worst-performing major stock market in Asia this year.

The Korean government is trying to contain the situation: The KRW stabilized near a two-year low against the greenback with USD 1 amounting to KRW 1,413. The currency’s stability is suspected to be supported by an intervention from the Korean central bank, with the bank approving emergency rescue measures for the local credit market and the Finance Ministry pledging to deploy “unlimited” liquidity into markets. The ministry said it will activate a KRW 40 tn stock market stabilization fund, Reuters reports.

Over in Europe, the French government collapse could see the risk premium between France’s 10-year bonds and German equivalents tighten by 100 basis points, Bloomberg reports. The premium has already tightened to 84 basis points, after having reached the widest gap since 2012 at 90 basis points, Bloomberg reports separately. Barnier warned of a “storm” for financial markets if he is ousted, the business information service added. French blue chips are already down 3.5% so far this year, though the CAC 40 index has seen a downward trend stall with five days straight of gains. The index closed up 0.7% yesterday.

Other experts are suggesting that a “short squeeze” could occur as investors are seeking to cover bearish positions, according to Bloomberg. They also believe that the light positioning and negative sentiment in French stocks indicate significant risk premiums have been priced in, setting the stage for a potential bounce back.

MARKETS THIS MORNING-

Asian markets are mixed as traders mull the volatility in global markets, with South Korea’s Kospi opening higher but falling 0.4% later, and the Kosdaq down 0.7%. Japan’s Nikkei and the Topix, on the other hand, are up. Wall Street futures are unchanged after another record day for US stocks, with the S&P 500 and Nasdaq both closing at fresh highs.

EGX30	30,833	+0.7% (YTD: +23.9%)
USD (CBE)	Buy 49.77	Sell 49.91
USD (CIB)	Buy 49.77	Sell 49.87
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,887	+0.6% (YTD: -0.4%)
ADX	9265	+0.3% (YTD: -3.3%)
DFM	4854	+0.1% (YTD: +19.6%)
S&P 500	6086	+0.6% (YTD: +27.6%)
FTSE 100	8336	-0.3% (YTD: +7.8%)
Euro Stoxx 50	4919	+0.8% (YTD: +8.8%)
Brent crude	USD 72.31	-1.8%
Natural gas (Nymex)	USD 3.06	+0.6%
Gold	USD 2,676.20	+0.3%
BTC	USD 98,204.80	+2.3% (YTD: +131.7%)

THE CLOSING BELL-

The EGX30 rose 0.7% at yesterday’s close on turnover of EGP 4.2 bn (0.1% above the 90-day average). Egyptian investors were the sole net sellers. The index is up 23.9% YTD.

In the green: Fawry (+5.5%), Palm Hills Development Company (+4.5%), and Oriental Weavers (+3.8%).

In the red: Eastern Company (-1.7%), Edita (-1.3%), and B Investments Holding (-1.2%).

My Morning Routine: Ali Farag, world’s top-ranked squash player

Ali Farag, the world’s top-ranked squash player: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random work-related questions just for fun. Speaking to us this week is Ali Farag (LinkedIn), currently ranked as the world’s number one squash player.

My name is Ali Farag. I was born in 1992 and raised in Cairo. I started playing squash at the age of six or seven, following in the footsteps of my elder brother — who’s been my role model ever since I was born.

I was fortunate to find my passion from a young age. I saw my brother playing squash when we were younger, and like any younger sibling I wanted to do what he was doing. I started playing and I fell in love with it. I don't remember a single time my parents had to drag me to practice, it was always the other way around — they would drag me off the court to get me home.

My life’s dream was to win the world junior championships in squash — which I managed to reach the final of, but came up short. I then went to AUC for a year and then was recruited to play for Harvard. It’s crazy to say, but I was actually debating if I wanted to go. I was, and still am, very attached to my family, home, and everything to do with Egypt.

I went to my interview with them anyway, and by the time I came back to Egypt it was 23 January 2011 — and the revolution happened two days later. My dad saw where everything was heading at the time, and he pushed me to go secure a good degree. I got my bachelor’s in engineering and Harvard turned out to be the second-best decision I made in my life — right after marrying my wife.

I come from a very academic background — my family are all doctors, and I didn’t ever see myself working anything other than a desk job. I decided to give professional squash a chance before starting a job in consulting or engineering, and it went very well not just in terms of results, but how much I was enjoying it. I was engaged to my now-wife, and we were touring the world together, doing the thing we’ve loved doing since we were kids, and I just never looked back.

My mornings have changed over the years, especially since having my daughter, Farida. She started going to school this year, so whenever I can, I wake up at 7am, drop her off, and start my day. I usually have breakfast with my wife or by myself somewhere and then head to practice.

My day job looks different than most people’s. I train two to three times a day, twice in the morning and then again at 6-7pm. The hours are flexible, but the activities are rigid. It has become more tiring with the years, especially as I have to leave my family 11 or 12 times a year for tournaments. It’s very exciting, but it takes a toll on your body and mind with time.

The beauty of living in Egypt is that you have so many top players that you can hit with on a daily basis. As much as there is competition here and it might create a bit of awkwardness sometimes, we’re all very good friends.

The one constant in my day is my daughter. If I don't see her, the day is quite dull. My downtime now involves spending time with her, picking her up from school, asking her what she did and who she played with. I used to enjoy playing on the PlayStation, but after having Farida, I’ve probably turned it on once or twice. That's how much my life has changed — and in a good way, honestly.

My family helps me stay focused and organized. My wife Nour has been a rock in my life for the past 10 years, along with my family and God. Nour understands my schedule because she was also an athlete who had to master the balance between work and personal life, and thankfully our schedules have always aligned. My parents have also helped keep me organized and focused all of my life. They were both working parents who taught us how to juggle work and our personal lives.

I would say my life is quite balanced. I can’t take credit for it, because it has mainly been my wife that has helped me. I’ve had to miss some big events in my loved ones’ lives like weddings and funerals because of my travel commitments, but for the most part I’d say that I’m in a good place in my work-life balance.

I don’t have exact plans for my future yet. I like to think that I’ve had a good run with my squash career — and that I still have a few more years in me. I also have plans to help out with my family’s business in the farming industry and I’m also opening doors in different industries to look for something to do with sports, education, or healthcare.

In general I like to read a lot about entrepreneurship and religion. I am fascinated with self development and success, but I also like to remember that the world is not just about its physical, materialistic side — it's important to explore the metaphysical side of the world. I have a pretty broad view of religion and I like to read about all religions, with a specific focus on Islam.

CALENDAR

2024

DECEMBER

3-5 December: (Tuesday-Thursday) Food Africa 2024, Egypt International Exhibitions Center, Cairo

4-5 December (Wednesday-Thursday): Russian trade mission to visit Egypt

7 December (Saturday): The Scientific Society for Tax Legislation will hold its annual conference

7 December (Saturday): The Future of Finance Conference 2024, Conrad Cairo Hotel, Egypt

10 December (Tuesday): Capmas expected to publish inflation data for November

10 December (Tuesday): United Bank shares go live on the EGX.

12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo

15 December (Sunday): MPs will reconvene in the House

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK

22 December (Sunday): The Nahda University Economic Forum’s third edition is set to take place

26 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting

EVENTS WITH NO SET DATE

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City

2025

January: Civil Society Support Fund to launch digital platform

January: CBE to launch InstaPay remittances for Egyptians abroad

February: Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn

1 January (Wednesday): The minimum pension will increase to EGP 1.5k, and the maximum to EGP 11.6k

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1Q 2025: Eipico’s biopharma plant to begin operations

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2Q 2025: Safaga Terminal 2 to start operations

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place

September 2028: First unit of the Dabaa nuclear power plant begins operations

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